Arcadium Lithium shares jump as Rio deal passes US national security review
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The news: Arcadium Lithium saw the biggest gains across the ASX 200 after the Committee on Foreign Investment in the United States (CFIUS) cleared the lithium chemicals producer's proposed acquisition by Rio Tinto.
The numbers: Arcadium shares were up 7.9% to $9.13 by 1:30pm AEDT, having more than doubled in value since the proposed $9.9 billion deal was first announced in October.
Rio Tinto shares edged up 0.2% to $116.13, as the ASX 200 index fell 0.5%.
The context: CFIUS has concluded its review of the proposed takeover, determining that there are no unresolved national security concerns.
Merger control clearance has now been satisfied or waived in Australia, Canada, China, Japan, South Korea, the UK and the US, Arcadium said.
The transaction, which is expected to close before mid-2025, remains subject to investment screening approvals in Australia, Canada and Italy, as well as other customary closing conditions.
Arcadium shares soared last month after the company's shareholders voted in favour of the all-cash takeover proposal. It would represent Rio's largest acquisition in 17 years.
The source: Arcadium Lithium media release
